Farstad secures LoI from Norsk Hydro for PSVs with automatic hose handlingNews // December 10, 2004
The contract periods are for five years, 10 years and 10 years respectively, and are worth around NKr 1.0 billion.
The five year contract will be serviced by Far Symphony, which is already working for Norsk Hydro. Start-up of this contract is April 2005. The two 10-year contracts commence in August 2005 and October 2006, respectively. For these contracts, two newbuilds of the type UT 751E will be ordered.
Far Swan will operate as a front runner until the first newbuild UT751E is delivered in second quarter of 2006.
The Letter of Intent also includes the award of a Frame Agreement which nominates Farstad Shipping as main supplier of spot vessels to Norsk Hydro. The Frame Agreement includes both PSV and AHTS tonnage.
UT 751E is a new PSV-design, characterised by high capacities both above and below deck. The vessels will have a length of 93m and a breadth of 21m, providing a deadweight of in excess of 5,000 tonnes.
The vessels will have a strong focus on environmental and operational safety, and will be constructed to the highest DNV Class, including Clean, Comfort, NAUT-OSV and DP-AUTR class notation.
The ships will also be the first to be equipped with automatic hose handling system, will have low fuel consumption, and will use exhaust gas cleaning to lower emissions.
The high spec ships will also have a tailor-made roll-damping system, and will be diesel electric vessels.